AUDUSD Analysis – September 8, 2013

AUDUSD failed to break below 0.8847 support and stayed in a trading range between 0.8847 and 0.9344. As long as 0.9344 key resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582, one more fall to 0.8500 area is still possible. On the upside, a break above 0.9344 resistance will signal completion of the downtrend from 1.0582, then further rise to 1.0000 area could be seen.

audusd daily chart